Norway court favours Ranbaxy against Pfizer on atorvastatin
New Delhi: Ranbaxy Laboratories said a Norwegian court had given a favourable decision for Ranbaxy in its case against Pfizer, involving two patents on cholesterol-lowering drug atorvastatin in Norway. Pfizer markets Atorvastatin as Lipitor.

Earlier in November 2005, the Norwegian Court had found while Ranbaxy's atorvastatin product did not infringe one of Pfizer's process patents it did infringe on another of Pfizer's patents covering a particular intermediate compound. Ranbaxy has already appealed to the Norwegian Court of Appeals against the negative judgment on the one remaining intermediate compound patent.
The company plans to continue to actively pursue all of its options in Norway and other markets in order to bring affordable atorvastatin to patients around the world.
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Essel Propack to acquire CavinKare's packaging arm
Mumbai: Essel Propack plans to acquire CavinKare group company - Packaging India for Rs63.5 crore in an all cash deal.

According to Essel Propack, India is fast emerging as a hub for packaging material for pharmaceutical and food processing companies. This combined with the retail boom is accelerating the demand for packaging material. Through its acquisition, Essel Propack expects to expand its product portfolio and combine the synergies between the companies to move up the value chain.
Funding the acquisition through internal acquisitions, the packaging major expects to scale up its operations in the global market where it has already set up greenfield projects in Poland and the US.

Estimating the specialty packaging industry at Rs25,000 crore with a compounded annual growth rate (CAGR) of 15 per cent, the laminated tubes major is open to acquisitions in future.

The Essel Propack scrip closed at Rs77.90 today, up 1.17 per cent against Tuesday's closing of Rs77.

CaviKare executives said the sale was necessary because of a conflict of interest between CavinKare's personal products business and the packaging business. Packaging India is doing a lot of packaging for multinational clients, who chose to move out their business if there was a conflict with CavinKare's own brands in shampoos and fairness creams. CavinKare itself, he said, sourced at least 30 per cent of its packaging needs for its brands from other suppliers.
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United Phosphorus to acquire Bayer CropScience's products
Mumbai: United Phosphorus (UPL) has signed an agreement with Germany's Bayer CropScience AG to purchase certain crop protection products for € 43.5 million (about Rs259 crore). The products covered by the agreement include systemic carbamate herbicidal active ingredient Asulam under the Asulox and Asilan brand-names and two insecticidal products. Bayer CropScience has retained certain rights related to non-agricultural uses in strategic markets, according to an announcement on the Bombay Stock Exchange.

The products would be sold in the Indian market, besides being exported to global markets. The acquisition of these products will enhance UPL's product portfolio, the company said.
UPL shares were up 3.74 per cent on the BSE at Rs240.15.
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Escorts to offload stake in Carraro
New Delhi: Escorts plans to sell its 49 per cent shareholding in Carraro India that manufactures transmission and axles for tractors, to joint venture partner Carraro S.p.A. of Italy for 20 million euros. The funds would be utilised to repay part of the company's debt and reduce interest cost.

Sources said that Escorts has signed a purchase agreement with the company to continue sourcing the same. The divestment would help Escorts focus and expand its core tractor and construction equipment business. With the requisite funds, it would be able to expand productivity to meet domestic and export demand. The Escort scrip gained 3.6 per cent to close at Rs87.15 on the BSE on Wednesday.
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BMW to start producing cars in India next year
New Delhi: German luxury carmaker BMW said it would begin producing cars in India by early next year and was targeting to sell up to 1,000 units in the first year of operations. The company would only produce its `3' and `5' series models during the first phase of its operations in India.

The company hopes to have dealerships across all the major metro cities by 2009. BMW was investing 20 million (approx Rs110 crore) for setting up its plant near Chennai, which would have an initial production capacity of 1,700 units per annum on a one-shift basis. He said while deliveries of the 3 series cars would start by February-March, the locally produced `5' series models would be available by May-June. The locally assembled cars would be adapted to the Indian market and would higher ground clearance, protection plate under the engine and additional air filter.
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Trai to announce channel pricing under CAS
New Delhi: The Telecom Regulatory Authority of India is issuing the final notification on CAS detailing the all-important channel pricing mechanism under the new regime tomorrow and will come out with detailed regulations on pricing formula of individual channels which will be applicable in CAS-notified areas in Delhi, Mumbai and Kolkata as and when the system is rolled out.

TRAI has already issued quality of service standards guidelines to be observed by cable operators and multi-service providers (MSOs) in CAS areas with effect from October 1 this year. The regulations specify standards pertaining to connection, disconnection, transfer and shifting of cable services, set-top boxes, complaint redressal, billing procedure and positioning of channels.

The issues to be decided by tomorrow's guidelines include fixing prices of pay and free-to-air (FTA) channels.
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HLL sells 2 pc stake in Tata Chem to Tata Sons
Mumbai: Hindustan Lever has offloaded about 2 per cent stake in Tata Chemicals for over Rs94 crore to Tata Sons.

HLL sold 4.25 million shares, representing 1.97 per cent stake of Tata Chemicals for Rs222.10 apiece to Tata Sons. After the sale, HLL's holding in the company came down to 3.58 per cent from 5.55 per cent earlier while Tata Sons' shareholding rose to 14.08 per cent from 12.31 per cent. Following the acquisition, the Tata Group's stake has gone up to 30.59 per cent.

Tata Chemicals manufactures chemicals, fertilisers and food
additives. It is the third largest soda ash player in the world, enjoys
leadership in the Indian edible salt market.
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FLAG, VSNL at loggerheads again
Mumbai: FLAG Telecom, a group company of Reliance Communications has again approached an international tribunal seeking damages and determination of reasonable and cost-based access charges from Videsh Sanchar Nigam Ltd (VSNL).

This is due to the fact that the two companies failed to reach an agreement on FLAG's access to the submarine cable landing stations owned by VSNL, within the three months period given by the International Court of Arbitration of International Chamber of Commerce's (ICC).

In a notice to stock exchanges, Reliance Communications said the failure of the negotiations would harm ITeS and BPO companies in the country due to the high bandwidth prices and landing station access charges maintained by VSNL.

FLAG says VSNL is refusing to negotiate landing station access charges in good faith and on basis of costs incurred.

In a reply, VSNL said, "VSNL is fully compliant with the tribunal's award and believes that its commercial proposals related to access charges are fair and reasonable."
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